Adverum Biotechnologies Announces Pricing of Public Offering of Common Stock
August 12 2020 - 9:37PM
Adverum Biotechnologies, Inc. (Nasdaq:ADVM), a clinical-stage gene
therapy company targeting unmet medical needs in ocular and rare
diseases, today announced the pricing of its underwritten public
offering of 14,500,000 shares of its common stock at a public
offering price of $13.00 per share. The company has granted the
underwriters a 30-day option to purchase up to an additional
2,175,000 shares of its common stock offered in the public offering
at the public offering price, less discounts and commissions. All
of the shares in the offering are being sold by Adverum
Biotechnologies. Adverum expects gross proceeds from the offering,
before deducting the underwriting discounts and commissions and
offering expenses, will be approximately $188.5 million, assuming
no exercise of the underwriters’ option to purchase additional
shares. The offering is expected to close on or about August
17, 2020, subject to satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, Cowen and Company, LLC, SVB Leerink
LLC and Piper Sandler & Co. are acting as joint book-running
managers for the offering.
The shares described above are being offered by Adverum
Biotechnologies pursuant to a shelf registration statement on Form
S-3 that was previously filed by Adverum Biotechnologies with the
Securities and Exchange Commission (the “SEC”) on August 8, 2019,
and became automatically effective on that date. The final
prospectus supplement and accompanying prospectus relating to and
describing the terms of the offering will be filed with the SEC and
will be available on the SEC’s website located at
http://www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectus related to this offering, when
available, may be obtained from: Goldman Sachs & Co. LLC by
mail at 200 West Street, New York, NY 10282, Attention: Prospectus
Department, by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com; Cowen and Company, LLC c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY,11717, Attn: Prospectus Department, by email at
PostSaleManualRequests@broadridge.com or by telephone at (833)
297-2926; SVB Leerink LLC, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston, MA, 02110, by telephone at
1-800-808-7525, ext. 6218, or by email at syndicate@svbleerink.com;
or Piper Sandler & Co., Attn: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone
at (800) 747-3924 or by email at prospectus@psc.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Adverum Biotechnologies, Inc.
Adverum Biotechnologies is a clinical-stage gene therapy company
targeting unmet medical needs in ocular and rare diseases.
Forward-Looking Statements This press release
contains or may imply “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements include statements regarding the completion of the
proposed public offering. These statements are subject to
various risks and uncertainties, and actual results could differ
materially from those projected. Adverum Biotechnologies cautions
investors not to place undue reliance on the forward-looking
statements in this press release. These risks and uncertainties
include, without limitation, risks and uncertainties related to
satisfaction of customary closing conditions related to the public
offering. There can be no assurance that Adverum Biotechnologies
will be able to complete the public offering on the anticipated
terms, or at all. Risks and uncertainties relating to Adverum
Biotechnologies and its business can be found under the heading
“Risk Factors” in Adverum Biotechnologies’ preliminary prospectus
supplement related to the proposed offering filed with the SEC on
August 11, 2020 and under the caption “Risk Factors” in Adverum
Biotechnologies’ Quarterly Report on Form 10-Q filed with the SEC
on August 10, 2020. Except as otherwise required by law, Adverum
Biotechnologies disclaims any intention or obligation to update or
revise any forward-looking statements, which speak only as of the
date hereof, whether as a result of new information, future events
or circumstances or otherwise.
INVESTOR & MEDIA CONTACT:
Investors:Myesha LacyAdverum Biotechnologies,
Inc.mlacy@adverum.com1-650-304-3892
Media:Cherilyn Cecchini, M.D.LifeSci
Communicationsccecchini@lifescicomms.com1-646-876-5196
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